04192017 business

business@tribunemedia.net

WEDNESDAY, APRIL 19, 2017

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Web shop fears 150 Bahamian job losses

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A web shop operator is warning that 150 Bahamians will be made jobless if the Grand Bahama Port Authority (GBPA) makes good on its threat to cancel its Freeport license.

Raymond Culmer, principal of Chances Games, alleged in an April 7, 2017, affidavit that its three Freeport locations will “suffer irreparable prejudice and damage” should the GBPA take regulatory action following the web shop’s failed injunction bid.

The affidavit, filed with the Court of Appeal as part of Chances’ attempt to overturn

Chances appeals for protection against GBPA action Warns of ‘irreparable damage’ to 3 Freeport sites License cancellation will add to city’s ‘unemployed’ the previous Supreme Court verdict, warned that any closure of its businesses would “contribute to the unemployment statistics of Freeport” - statistics that have recently been inflated by

some 1,100 tourism sector redundancies.

Chances and its parent, Jarol Investments, had originally sought an injunction to prevent the GBPA “from interfering with and/or cancelling” its business license, and increasing its license fee, until the Supreme Court determined the main issue between the parties - who has regulatory authority for web shop gaming in Freeport.

However, Justice Petra Hanna-Weekes refused to grant the injunction on the basis that Chances/Jarol had raised “no serious issue to be tried”, since the GBPA had already rescinded the letter upon which the web shop chain’s case was based.

Urging the Court of Appeal to protect his business, Mr Cul-

mer, Jarol’s president and chief executive, said Justice HannaWeekes had replied “yes” when asked by his attorney, Carlson Shurland, whether her March 27 ruling meant the GBPA could close down Chances’ three Freeport locations.

“Due to the learned judge’s response, I verily believe that if the [GBPA] is not restrained, they will take positive steps to close the business’s down,” Mr Culmer fretted.

“That approximately 150 Bahamian citizens will be unemployed if the [GBPA] are not restrained from closing the appellants’ business establishment.”

Chances operates three Freeport-based web shops at See pg b5

‘Something better than nothing’, says victim of CLICO

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Firefighters hard at work trying to extinguish the flames at the dump. Photo/Terrel W. Carey

Just eight days for landfill bids

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Government has given private sector groups just eight days to submit bids to takeover the New Providence landfill’s management and remediation, a deadline that was yesterday described as “silly” and “ridiculous”.

A Ministry of Finance advertisement placed in yesterday’s newspapers, but dated April 12, said all bids have to be submitted by 4pm next Wednesday.

The proposals will then be opened, in the presence of all bidders, the following day.

No one in the Bahamian waste management industry yesterday wanted to speak

Tender’s April 26 deadline ‘silly’, ‘ridiculous’ Detailed due diligence post-fire almost impossible publicly about the Government’s bid deadline, which makes it almost impossible for bidders to conduct proper due diligence on the New Providence landfill’s current condition following the recent massive blaze.

Kenred Dorsett, minister of the environment, did not respond to Tribune Business e-mails seeking comment last night, but several See pg b6

20% fare rise to keep taxis ‘above water’

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Taxi drivers yesterday said the imminent 20 per cent “across the board” fare increase will help to keep them “above water”, the move marking the first rise for almost eight-and-a-half years.

Philip Watkins, the Bahamas Taxicab Union’s (BTU) president, said drivers were “grateful” for the recently-announced fare increase, which sceptics are likely to link to the impending May 10 general election.

“That is something we have been working with the Ministry of Transport on for about six months, sending figures back and forth,” Mr Watkins told Tribune Business yesterday.

“A few drivers have done tests on a few distances on the island. We were expecting it at the end of last year, but nonetheless we are

Drivers get first increase for 8-and-ahalf years Takes effect May 1, just prior to general election Union working on move for six months grateful. It could not have come at a more opportune time.”

Mr Watkins added: “I believe that the increases are something we can work with. We took into consideration the cost of living increase, given that the last fare increase was in 2008, and we have to factor in VAT. “The increases are roughly 20 per cent across the board and that brings us See pg b7

A prominent CLICO (Bahamas) policyholder yesterday said he was “willing to take crumbs from the table”, after the Government restructured planned payouts to fully compensate 70 per cent of ‘surrender’ victims by November 2017.

Bishop Simeon Hall told Tribune Business he was unsure whether all victims of the insolvent insurer would accept the revised resolution, which now involves a mixture of cash and bonds.

The Government had initially planned to finance the second phase of CLICO (Bahamas) payouts through a $45 million bond issue, with the monies raised designed to compensate former Executive Flexible Premium Annuity (EFPA) holders and those who had surrendered See pg b4

Restructured payout plan to fully compensate 70% Bishop ‘couldn’t care less’ if timing election ploy Payout now involves cash and bonds mixture

Bishop Simeon Hall

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Minister denies Customs broker link to Baha Mar Fitzgerald denies family firm had role for developer Contradicts January claims by ex-employees Claims ‘off base’ and ‘factually in left field’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A Cabinet Minister yesterday vehemently denied that his family’s company was one of Baha Mar’s main Customs brokers, refuting reports made to Tribune Business in January 2017 by former resort employees.

Jerome Fitzgerald, minister for education, science and technology, vigorously rejected claims about Bahamas Cargo & Logistics after the allegations were yesterday repeated by the Punch tabloid newspaper.

Mr Fitzgerald, in an e-mail exchange with Tribune Business, said claims about himself and his family’s Customs Jerome brokerage were “way Fitzgerald off base” and “factually in left field”.

These came in response to this newspaper pointing out that multiple former Baha Mar employees had revealed Bahamas Cargo & Logistics’ role at the $4.2 billion development back in January, at the time this newspaper revealed the project’s construction completion was totally VAT-free.

One former Baha Mar employee, wellplaced to know the project’s financial affairs, wrote in a letter to The Tribune on the VAT affair: “Is this Baha Mar Ltd VAT exemption really something new?

The truth is no, it’s not new, because Baha Mar Ltd was enjoying this prior to Chapter 11 and I am surprised that Jerome Fitzgerald did not mention this as he well knows this through his family customs brokerage, as it was one of the two main See pg b7

PAGE 2, Wednesday, April 19, 2017

THE TRIBUNE

Foundation stages ‘Friend-Raising’ A ‘Friend-Raising’ reception was held at 1er Cru on March 30 to mark the One Eleuthera Foundation’s fifth anniversary, under the theme ‘Eat, Drink and Be Giving’.

Attendees were educated on the Foundation’s work,

and invited to lend their support, either through charitable giving, volunteering or spreading the word about its achievements. All proceeds pledged at the event were doubled through the generous offer from a primary donor.

One Eleuthera Foundation is a Bahamian non-profit development organisation that was established in 2012. Its flagship initiative is the Centre for Training & Innovation (CTI), which was created in partnership with the South

Eleuthera Mission.

CTI’s goal is to drive sustainability and innovation for Eleuthera, via an educational and training environment. Shaun Ingraham, its chief executive, said: “Many of our students are given a second chance, and are being empowered through skills development, leadership, entrepreneurship and community development training.

“When people can see how the funds are being used, and the positive impact being made, it’s a winwin for all. Most recently, we embarked upon the One Eleuthera Cooperative Credit Union (OECCU),

which is growing quickly.”

One Eleuthera Foundation also provides resources to other non-profit organisations and their programmes. Florencia Hirt, the Inter-American Development Bank’s Bahamas country representative, said its work was a model for the region.

“We believe that this is a model that can be adapted by other non-profits within our country, and be ultimately transformative for our communities, our economy and our people,” Mr Ingraham added.

Mr Ingraham now serves as a member of the committee advising the National

Development Plan (NDP).

One Eleuthera Foundation is often cited by the Prime Minister as a model for the NDP to follow.

Mr Ingraham has also been invited to share One Eleuthera Foundation’s model throughout the Bahamas, Caribbean and the US. With sustained technical and financial support, One Eleuthera Foundation hopes its model will not only continue to strengthen that island’s economy, but also spur social innovation in other Caribbean and Latin American nations.

The Bahamas’ team at CBS Los Angeles.

Tourism records interviews at CBS A Ministry of Tourism marketing team recently visited the CBS studio in Los Angeles to record interviews on new resort developments in the Bahamas, plus cultural and heritage festivals, and sporting events.

The interviews are being used as commercials, and are airing on AMP Radio 97 in Los Angeles through June this year.

CBS’ Andrew Harlander hosted the team of Ministry

of Tourism marketing managers. They were drawn from tourism offices across the US, and were in southern California to provide updates on the Bahamas to travel agents in Los Angeles and San Diego.

The team was led in the studio by Bahamas public relations manager, Jeannie Gibson, and recordings were done by marketing managers Antoinette Neely, Atlanta; Larnelle Johnson, Los Angeles; and

Chrystal Bethel, New York.

CBS RADIO is one of the largest major market radio operators in the US, with stations covering news, sports, talk and a broad range of music genres.

It reaches more than 72 million consumers nationwide each week. As a part of CBS Corporation, the division owns and operates 117 radio stations in 26 markets – including the top 10 as ranked by Nielsen Audio.

THE TRIBUNE

Wednesday, April 19, 2017, PAGE 3

Traffic sick-out: BPL launches grid Air 19 matters resolved tie-in for renewables

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Bahamas Power & Light (BPL) has announced the start of renewable energy grid tie-ins for residential customers, although per island limits are being imposed on the total amount that can be supplied.

BPL, BEC’s operating subsidiary, yesterday confirmed it had completed the regulatory framework for its Small Scale Renewable Generation (SSRG) programme in partnership with the Government and Utilities Regulation and Competition Authority (URCA).

Homeowners with solar and wind power systems will now be able to apply to BPL for interconnection with the latter’s grid, the utility monopoly saying the initiative will give customers “greater autonomy in controlling individual energy costs as well as increasing energy availability in the country” BPL added that it represented the “first phase” in its plan to incorporate renewables in its generation mix.

“This is an important milestone for the company, as it actively supports our core objectives of providing reliable energy at affordable rates, improving customer experiences and making greater use of renewables,” said BPL’s chief executive, Pamela Hill.

“Customers can provide a portion of their own energy while also increasing energy availability on our network.

We see this as a win-win for all.”

BPL appears to have launched its SSRG programme before URCA issued a final ‘Statement of Results’ on the public consultation undertaken over the initiative.

Stephen Bereaux, URCA’s acting chief executive, was yesterday said to be offisland and unavailable for

Framework has similar terms to initial URCA draft Net billing, with price paid based on fuel charge Individual and island supply limits comment, but BPL’s draft interconnection agreement and application form appear to mirror almost exactly the regulator’s ‘preliminary determination’.

For instance, BPL will pay renewable energy suppliers using a ‘net billing’ method as opposed to ‘net metering’, using meters capable of monitoring energy flows in both directions.

BPL will credit homeowners for energy supplied to the grid in excess of their own use based on “based on BPL’s applicable fuel charge prevailing during the month the energy is supplied”.

If the homeowner supplies more energy to BPL than they consume, a credit will be applied to their account and carried forward into the next month. Credits will roll forward until October of each year, when they will be reset to zero.

This is all in line with URCA’s original determination, which has allowed BPL to initially “undervalue” the price it pays to purchase renewable energy generated by its residential customers.

The ‘net billing’ arrangement was also proposed by BPL, which will see homeowners sell excess renewable energy at a price that is lower than the utility’s retail tariff rates.

While agreeing that net billing was “preferable” to the other option, net meter-

ing, URCA said in December 2016 that standard practice is for energy utilities to base the price they pay for renewable energy on their ‘avoided cost of generation’.

This represents the savings produced from utilities having to generate less energy themselves from their own plant, but URCA’s document confirmed BPL is only willing to pay consumers a price equal to its prevailing fuel charge.

The regulator said the fuel charge component of BPL bills would not represent all its ‘avoided cost of generation’, and did not account for other benefits - such as reduced losses from its transmission and distribution(T&D) system.

As a result, URCA acknowledged that BPL’s proposed compensation to homeowners actually “undervalued” the excess energy it was buying.

Yet the regulator, in its preliminary decision on URCA’s offer, said it was minded to allow this as a “temporary measure”, in a bid to both kick-start renewable energy development in the Bahamas and avoid “the significant costs” that will be incurred in calculating BPL’s ‘avoided cost of generation’.

Meanwhile, BPL is imposing limits on how much energy can be supplied by homeowners with renewable systems to its grid. For New Providence, no system can supply more than 5 kW (kilowatts) to the grid.

No system can “supply greater than BPL’s estimate of the customer’s average peak demand or 50 kW, whichever is the lesser, to the grid unless otherwise approved by BPL”.

And renewable grid tieins will be offered on a “first come first serve” basis by BPL, which is capping total installed SSRG capacity on New Providence at “a maximum total of 10,000 kW”.

Similar limits, with lower caps, are also being applied to all other islands on which BPL operates.

The utility’s statement added that customers on New Providence and the Family Islands can apply for grid tie-in “effective immediately”, and can access the interconnection agreement on BPL’s website; www.bplco.com.

“BPL does remind its customers that the programme is available on a ‘first come first serve’ basis, and there are technical specifications and limits on the amount of energy BPL will import to its grid,” BPL said.

“BPL also reminds its customers that in compliance with its regulatory mandate, it reserves the right to deny grid integration of any system it evaluates as noncompliant, unsafe or unfit for purpose.”

BPL added that it was “targeting commercial SSRG in the near future, quickly followed by the implementation and integration of utility-scale renewable generation at several BPL sites.”.

The Director of Labour yesterday said he was “extremely confident” that all outstanding issues raised by the Bahamas Air Traffic Controllers Union (BATCU), which resulted in the ‘sick-out’ at the start of the Easter holiday weekend, had been “put to rest”.

Robert Farquharson told Tribune Business that a “lengthy” meeting between union representatives and the Department of Civil Aviation was held yesterday.

He said 19 outstanding issues were addressed, and added: “I can tell you that we addressed all of the long-standing issues. I am extremely confident that as a result of the meeting all industrial issues with the airport traffic controllers have been resolved.

“We expect to have those outstanding matters signed off on and concluded by Friday of this week. It was a very successful and productive meeting.”

Travellers suffered lengthy delays and cancellations at the Lynden Pindling International Airport (LPIA) last Thursday after

Labour chief ‘extremely confident’ issues dealt with

a number of air traffic controllers engaged in a “sick out” during the busy travel period.

According to Nassau Airport Development Company (NAD) officials, arrivals and departures for the Easter holidays beginning on Thursday, April 13, through to Monday April 17, totalled 65,559 passengers.

Glenys Hanna Martin, minister of transport and aviation, said yesterday: “The focus now is on ensuring that we get on the same page with them. It’s hard to quantity the financial impact this had. It was harmful. I think it should not have happened in the first place. It doesn’t advance anyone’s cause; it just hurts the Bahamian people.”

She previously said the sick-out had given the Bahamian tourism and aviation industries “a black eye” during the peak Easter travel weekend.

NOTICE IN THE ESTATE OF DURWARD BIRKHEAD YOUNG a.k.a. DEWEY B. YOUNG, late of 4921 Wichita Circle, El Paso, in the State of Texas one of the United States of America, Deceased IT IS HEREBY NOTIFIED, for the information of those it may concern, that all persons having any claim or demand against the said Estate are required to send the same to the undersigned on or before the 20th day of May, A.D. 2017 and if so required by notice in writing from the undersigned to come in and prove such demand or claim or in default thereof be excluded from the benefit of any distribution made before such debts are proved; AND NOTICE is hereby given that all persons indebted to the said Estate are requested to settle their respective debts at the Chambers of the undersigned on or before the date hereinbefore mentioned.

Dated the 19th day of April, A.D. 2017 CALLENDERS & CO. Chambers, One Millars Court, P.O. Box N-7117, Nassau, The Bahamas Attorneys for the Personal Representative

PAGE 4, Wednesday, April 19, 2017

THE TRIBUNE

‘Something better than nothing’, says victim of CLICO From pg B1

www.ub.edu.bs

“COLOURS!!!...

Above and Beyond 2017” by Je-ROME HARRIS MILLER

on Thursday April 20th, 2017 at the Christ Church Cathedral Church Hall top of the hill, George St. 6:00pm Part proceeds in aid of University of The Bahamas Winston V. Saunders Memorial Scholarship Fund.

their pension policies.

However, the Ministry of Finance yesterday said in a statement that compensation will now be paid in cash via three separate instalments, due to be issued in April, July and November 2017.

These payments, it added, will total $5,000 per policyholder, and be enough to payout 70 per cent or 1,595 claims from ‘surrendered’ policyholders.

The 30 per cent not fully paid out will receive promissory notes (bonds) carrying a 4.25 per cent interest rate, equivalent to Bahamian Prime, which will distribute the balance owed over a four-year period.

Acknowledging the Government’s fiscal limitations, Bishop Hall yesterday praised the Christie administration for fulfilling the promise to compensate CLICO (Bahamas) policyholders that was made by its predecessor.

“To be honest, at this late stage in the game, a little something is better than nothing at all,” Bishop Hall told Tribune Business.

“I live at a middle class economic standard, so I can imagine how those in the lower class must feel. But I’m happy that some resolution has been reached.”

Recalling that it was former prime minister, Hubert Ingraham, who urged CLICO (Bahamas) policyholders to continue paying following the insurer’s 2009 collapse into court-supervised liquidation, Bishop Hall praised his successor for finally delivering on pledges to make victims whole.

“It is to Mr Christie’s credit that he has led it towards some resolution,” he

added. “I’m not sure the resolution will be accepted by everyone, but I’m 70 years old this week and willing to take crumbs off the table.

“It must be appreciated that this government doesn’t have the money it would like to have, and the only way to do that is through taxing the people. The other perspective is that this was a private business, which we were victims of, and it’s to government’s credit that it took it on, both the Ingraham and Christie administrations.”

Bishop Hall acknowledged that there were no laws or other mandates requiring the Government to compensate CLICO (Bahamas) victims, although some may say it had a moral obligation to do so given the regulatory failings that led to the insurer’s insolvency.

“The only thing I hold them culpable for is allowing the money to go out of the country,” Bishop Hall said, referring to the Central Bank and then-Registrar of Insurance’s failure to prevent $73 million being transferred to Florida for investment in a real estate project.

“They failed by not regulating it as they should. The point I must underscore is it should not happen again.

Whoever makes the decision at government level must not let this happen again. Government is culpable by not regulating this thing more strictly and allowing it to happen.”

The first of three payments to CLICO (Bahamas) policyholders will be made between April 24-26 in New Providence, and on April 28 in Grand Bahama.

Bishop Hall acknowledged the timing just weeks prior to the May 10 general election, and said: “Some say it’s an election ploy, but I couldn’t care less. It’s never too late.

“I wanted this money four years ago for my retirement.

Whatever the motivation is, I’m grateful something has happened.”

The Ministry of Finance confirmed yesterday that the Government has “decided to continue making direct interim payments to all qualified policyholders of CLICO in a series of three tranches during 2017”.

The payments will be limited to qualified policyholders of record as of December 31, 2016, with the restructured payouts designed “to enable the Government to more expeditiously render much-needed relief to CLICO’s policyholders”.

The Ministry of Finance added: “Qualified policyholders will receive up to

$5,000 with respect to their outstanding claim balances.

This exercise is expected to fully address some 1,595 claims or 70 per cent of outstanding surrendered accounts.

“Policyholders are advised that any balances outstanding at the end of 2016, and not fully settled in the 2017 tranches, will be covered by promissory notes to be issued by the Government and paid out over a period of four years in equal instalments. These notes will bear interest at 4.25 per cent per annum.”

The Ministry of Finance urged CLICO (Bahamas) policyholders whose contracts are still in effect to continue making premium payments.

The second phase payout to former CLICO (Bahamas) clients was initially supposed to be triggered by the creation of a new insurance entity, a special purpose vehicle (SPV) to be called Coral Insurance Company. This will hold CLICO (Bahamas) insurance policies that remain in effect.

The SPV, which will be licensed and regulated by the Insurance Commission of the Bahamas (ICB), was supposed to be created by the second week of November 2016, and hold the remaining insurance portfolio until it is purchased by another insurer.

Tribune Business sources have suggested that CLICO (Bahamas) liquidator, Craig A. ‘Tony’ Gomez, the Baker Tilly Gomez managing partner, and others have been working to develop a feasible business plan for Coral Insurance Company.

However, before the plan and Coral’s formation can proceed any further, Tribune Business understands that the Government has to determine how to structure the financial support it will provide to Coral.

Several sources familiar with developments suggested that progress on this issue had slowed down recently on the Government side.

The Government has agreed to provide “capital support” to plug the holes in Coral’s original balance sheet, and cover the ‘gap’ between its asset and policy liabilities that will be inherited from CLICO (Bahamas) and the liquidator.

This will likely take the form of a promissory note, and the Government (taxpayer) will also cover any annual operating deficits incurred by Coral. It is the structuring of these requirements that now needs to be concluded.

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Qualified applicants are to email a current and complete resume by April 21st, 2017 to cmmsbahamas@gmail.com

THE TRIBUNE

Wednesday, April 19, 2017, PAGE 5

Web shop fears 150 Bahamian job losses From pg B1 Ruthhaven Plaza, Seahorse Plaza and Culmerville Plaza, and Mr Culmer argued that the Supreme Court had left all vulnerable to license cancellation and closure by “erring” in its injunction ruling.

“I verily believe that the [GBPA’s] threats to cancel and/or interfere with [Chances] business license pose a risk of injustice to persons legitimately employed by the appellant, who will possibly lose their jobs and consequently have an adverse effect on their quality of life,” Mr Culmer alleged.

“Any disruptions in the appellant’s business would adversely affect Bahamian citizens and contribute to the unemployment statistics of Freeport.

“If the respondents [GBPA] are allowed to interfere with the appellant’s license(s), it is more likely than not that the appellant’s business would suffer irreparable prejudice and

damage,” Mr Culmer continued.

“If this court does not restrain the respondent, I verily believe that the threats stated in its letter dated January 25, 2016, will likely be in force.”

Mr Shurland and Chances moved for an injunction after Fred Smith QC, the GBPA’s attorney, warned in December 2016 that the quasi-governmental authority planned to act against Freeport-based web shops “operating in breach” of their business licenses.

He told Tribune Business this action could involve the GBPA cancelling the licenses of all Freeportbased web shops, unless they agreed to amend them and pay significantly higher fees.

Mr Smith argued then that his client had little choice but to “bring some order” to a chaotic situation where Freeport-based web shops are not currently licensed by the GBPA to conduct gaming activities.

The GBPA is also seek-

ing to impose higher license fees on Freeport-based web shop, bringing these in line with what it charges casinos, namely $300,000 or 1 per cent of winnings whichever is greater.

Jarol/Chances fears this amounts to a 500 per cent increase in GBPA license fees, and wants the Court of Appeal to overturn the injunction ruling so that its Freeport business is protected until the main issue between the two parties is determined.

That is who has who has regulatory authority for web shop gaming in Freeport - the GBPA, or the Government.

“The failure of the court to grant an injunction to prevent the closure of the appellants’ establishment is tantamount to determining that the respondents [GBPA] have jurisdiction and authority to grant provisional gaming licenses when the same has yet to be adjudicated by the court,” Mr Culmer alleged.

“I am informed by [Mr Shurland], and verily believe, that once the court weighs all the relevant factors in this case, the only clear conclusion is that the balance of convenience lies heavily in favour of the court protecting the appellant’s position, and ensuring the status quo remains the same, until the action is finally heard and the issues determined.”

Mr Smith and the GBPA successfully defeated the initial injunction bid by pointing out they had subsequently withdrawn the January 25, 2016, letter that formed the entire basis of Chances’ case.

Their August 31, 2016, letter clarified that the initial missive had incorrectly stated that the GBPA was

acting under the Gaming Act. Instead, it was using the Hawksbill Creek Agreement as its lawful authority.

Justice Hanna-Weekes said the second letter meant that the January 25, 2016, document “upon which [Chances] pegs its pleaded case has been completely overtaken by events”.

She added that the issue had now become whether Chances was breaching its license agreement with the GBPA, and if it needed to amend its license and pay a higher fee, as a result of its web shop gaming activities.

The dispute over whether the GBPA has any regulatory authority under the Gaming Act having fallen away, Justice Hanna-Weekes found: “By reason of the

GBPA’s August 31, 2016, letter, any [issue] that may have existed between the plaintiff and GBPA as a result of the GBPA’s letter of January 25, 2016, was effectively extinguished.

“A party to an action is bound by his pleadings. The plaintiff’s action is grounded in the demands made by the [GBPA] in the letter to it dated January 25, 2016.

There is no dispute between the parties that the letter was rescinded. The court must consider whether the matter ends there.”

Finding that it did, Justice Hanna-Weekes said that with the January 25, 2016, letter “having now fallen away”, there was no serious issue to be tried, and dismissed the injunction application.

advertise today! call the tribune today @ 502-2394

www.ub.edu.bs

PUBLIC NOTICE University of The Bahamas is seeking qualified Bahamian contractors to submit proposals on the design/build of a multipurpose sports court on the Oakes Field Campus.

Interested contractors may collect RFP packages from the Office of the Vice President of Operations.

Location: Room A85, Oakes Field Campus Pick-up times: 9:00 a.m. to 5:00 p.m.

(April 19th – 24th, 2017) Site review/walkthru – April 26th, 2017 at 10:00 a.m. at the Harry C. Moore Library and Information Centre.

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity

2016/CLE/QUI/00141

IN THE MATTER OF A SUBDIVISION called “ROLLE TERRACE” comprising of a tract of land by Survey 4.963 acres situate immediately Southwest of Mount Vernon Estates and Southeast of High Vista Estates and on the Northern side of Step Street and approximately 525 feet West of Cockburn Street Fox Hill in the Eastern District of the island of New Providence which said subdivision, has such position shape marks boundaries and dimensions as are shown and delineated on the diagram or plan recorded in the Department of Lands and Surveys and in the Ministry of Public Works, as Plan No. 5716 NP and thereon coloured Pink.

AND IN THE MATTER of The Quieting of Titles Act 1959, Chapter 393 Statute Law of The Bahamas AND IN THE MATTER OF THE PETITION OF SEAN ANTHONY CARLOS DEAN, (also, called “Shawn Dean”) ADMINISTRATOR of The Estate of Petral Rolle, Deceased ==================== NOTICE ====================

Petitioner

Notice is hereby given that Sean Anthony Carlos Dean is applying to the Supreme Court of the Commonwealth of The Bahamas to have the title of the following subdivision investigate under Section 3 of the Quieting Titles Act 1959 and the nature and extent there of determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act:– “ALL THAT SUBDIVISION called “ROLLE TERRACE” comprising a tract of land containing by survey 4.963 acres situate immediately Southwest of Mount Vernon Estates and Southeast of High Vista Estates and on the Northern side of Step Street and approximately 525 feet West of Cockburn Street Fox Hill in the Eastern District of the island of New Providence which said subdivision, has such position shape marks boundaries and dimensions as are shown and delineated on the diagram or plan recorded in the Department of Lands and Surveys ad in the Ministry of Public Works, as Plan No. 5716 NP and thereon coloured Pink.

A plan of the said subdivision may be inspected during normal working hours at the following places: a) The Registry of the Supreme Court, British American Building, Marlborough Street, Nassau, N.P. Bahamas, or b) The Chambers of Corporate Legal Services, Pickstock Place, Robinson Road, Nassau, Bahamas.

NOTICE IS HEREBY GIVEN that any person having a dower or an adverse claim or a claim not recognized in the said Petition at all on or before the expiration of thirty (30) days after the final publication of these presents file in the Registry of the Supreme Court and serve on the Petitioner or the undersigned a statement of his claim in the prescribed form verified by an Affidavit to be filed therewith.

Failure of any such person to file and serve a statement of such claim on or thirty (30) days after the final publication of these presents shall operate as a bar to such claims.

Arlean P. Horton-Strachan Corporate Legal Services 110 Pickstock Place Robinson Road Nassau, Bahamas.

Attorneys for the Petitioner

PAGE 6, Wednesday, April 19, 2017

Just eight days for landfill bids From pg B1 sources said the timelines immediately raised questions over whether the Government already has a group in mind to take over the landfill.

“They’ve sent it out late,” one source said, questioning whether the formal Request for Proposal (RFP) and tender process was merely ‘going through the motions. “It probably means they’ve already got someone in mind.”

However, another contact, also speaking on condition of anonymity, suggested that the tight timeline reflected the Government’s eagerness to ensure it can say positive reforms are happening at the landfill, given the May 10 general election and Baha

Mar opening.

“I think they need to meet these deadlines and get things done,” the source said. “I think that’s what’s going on.”

Tribune Business understands that interested parties and persons in the Bahamian waste management industry were informed that the landfill RFP was ready for collection just as they were all heading off for the Easter holiday weekend.

“They couldn’t have announced it at a more ridiculous time, because it’s such a long holiday,” one source said. “Everybody had just left the island.”

The landfill RFP is being run along similar lines to the tenders for the second mobile license and Bahamas Electricity Corporation (BEC) reform process,

with interested bidders having to pay a non-refundable $10,000 deposit merely to obtain the relevant documents.

They also have to sign a non-disclosure agreement (NDA) to ensure the tender document, and its contents, remain secret and not revealed to the Bahamian public.

“The Government is inviting proposals from the private sector relating to potential investment, remediation and management of operations of the Harrold Road [Tonique Williams Highway] landfill facility,” the advert states.

“The Government’s longterm waste management strategies include reforms which seek to introduce efficiencies in waste management at various facilities throughout the Commonwealth of the Bahamas.”

One industry source yesterday said the bid deadlines gave too little time for

interested parties to conduct proper due diligence on the New Providence landfill, especially since its remediation is one of the Government’s requirements.

“How does anybody assess the current state of the landfill, it having been off-limits to everybody?” the source asked. “We still need to assess what might be left.

“Bidders need to access the landfill to look at the actual fire situation now, especially since remediation is part of it.”

Mr Dorsett recently unveiled remediation, recycling and numerous other requirements that a winning landfill bidder will have to meet.

The tight timeline for submitting bids, with interested parties effectively given six working days, would appear to favour Bahamian groups, such as the whollyBahamian Waste Resourc-

Legal Notice NOTICE ALDFORD INVESTMENTS MANAGEMENT LTD. NOTICE IS HEREBY GIVEN as follows: (a) ALDFORD INVESTMENTS MANAGEMENT LTD., is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

THE TRIBUNE

es Development Group (WRDG) consortium.

The 10 Bahamian waste service provider members have partnered with Providence Advisors and its chief executive, Kenwood Kerr, and will likely be able to draw on their previous research and proposals in forming a credible bid.

There have also been suggestions that elements associated with the landfill’s former manager, Renew Bahamas, remain interested in submitting a bid and returning to the site.

Gerhard Beukes, the former Renew Bahamas principal, is understood to have attended a meeting called by concerned residents and businesses to discuss the landfill situation.

And Renew Bahamas’ former chief executive, Michael Cox, is still operating at the landfill, having picked up where the former manager left off by going into metals recycling.

Neither Mr Beukes nor Mr Cox could be contacted for comment, although the latter was said by sources to have seemingly formed a partnership with Larry Burrows of Manpower Ltd, the Department of Environmental Health Services (DEHS) contractor responsible for removing wrecked

vehicles from New Providence.

Renew Bahamas walked away from its New Providence landfill management contract in the immediate aftermath of Hurricane Matthew, citing security and safety concerns amid the absence of electricity supply, and a spate of thefts and shootings.

It had previously been seeking to renegotiate its management contract and associated financial terms with the Christie administration, having revealed to Tribune Business it had been incurring continuous, heavy losses.

The Government subsequently charged that Renew Bahamas had used Hurricane Matthew as an excuse to pull-out, having realised that its business model which depended almost exclusively on the sale and export of materials recycled from the landfill - was not viable or sustainable.

The imminent Baha Mar opening and general election has intensified pressure on the Government to resolve the landfill’s woes, which were brought to the fore again last month when Jubilee Gardens residents were forced out of their homes after a massive fire at the landfill blanketed the community in thick smoke.

(b) The dissolution of the said Company commenced on the 12th April, 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

Shareece E. Scott Liquidator Legal Notice NOTICE ALLTRAN ASSET MANAGEMENT LTD. NOTICE IS HEREBY GIVEN as follows: (a) ALLTRAN ASSET MANAGEMENT LTD., is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 12th April, 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

Shareece E. Scott Liquidator

Legal Notice

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

INTERNATIONAL DIRECT SOURCING CORPORATION In Voluntary liquidation

Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act (No. 45 of 2000), INTERNATIONAL DIRECT SOURCING CORPORATION, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 29th day of March, 2017.

EST SA 23, Rue Ferdinand-Hodler 1207 Geneva Switzerland Liquidator

Legal Notice

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

LEGAL CONSULTING LIMITED In Voluntary liquidation

Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act (No. 45 of 2000), LEGAL CONSULTING LIMITED has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 8th day of March, 2017.

Ms. Nahil Francois Ma Joie PO Box 870 Victoria, Mahe Seychelles Liquidator

Legal Notice

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

CORAL BELL LIMITED

WHERE HIT MUSIC LIVES W W W .

1 0 0 J A M Z

. C O M

@100JAMZ242

In Voluntary liquidation

Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act (No. 45 of 2000), CORAL BELL LIMITED, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 29th day of March, 2017.

NOTICE

NOTICE is hereby given that SABRINA KNOWLES of

ROCKWELL LTD., 25 Mason Complex, Stoney Ground, The Valley, Anguilla, Liquidator

NOTICE WENDOLINA MANAGEMENT LIMITED In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, WENDOLINA MANAGEMENT LIMITED is in dissolution as of April 12th 2017.

International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________ NOTICE ONETTATI HOLDINGS INC. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, ONETTATI HOLDINGS INC. is in dissolution as of April 12th 2017.

International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

Grace Avenue, P.O.Box AB-20446, Abaco, Bahamas

is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 12th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE International Business Companies Act No.45 of 2000 FS Investments Fund Ltd. (the “Company”) Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of FS Investments Fund Ltd. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 30th day of March, 2017.

Luciane Ribeiro Moreno Liquidator LEGAL NOTICE NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000) In Voluntary Liquidation Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), BOVS Investment Fund Ltd. (the “Company”) is in dissolution. The date of commencement of the dissolution is April 12, 2017. Luciane Ribeiro Moreno is the Liquidator and can be contacted at Rua Afonsa Braz, 747, AP 41D, Vila Nova Conceição, CEP 04511-011, São Paulo – SP, Brazil. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before May 12, 2017.

Luciane Ribeiro Moreno Liquidator

THE TRIBUNE

Wednesday, April 19, 2017, PAGE 7

GN-1872

From pg B1

COMMONWEALTH OF THE BAHAMAS

Parliamentary Registration Department OFFICE OF THE PARLIAMENTARY COMMISSIONER

PUBLIC NOTICE LIST OF NOMINATION STATIONS ON 20 APRIL 2017 The Parliamentary Commissioner wishes to inform the public that Nomination of Candidates for the 2017 General Election will be held between the hours of 9:00am and 12:00 noon, Thursday, 20 Aril 2017, at the locations listed below:

NO.

CONSTITUENCY

LOCATION

RETURNING OFFICER

C. R. WALKER SENIOR HIGH SCHOOL

MARVA RUSSELL-MINNS

CARLTON FRANCIS PRIMARY SCHOOL

DONNA DELANCY

CARMICHAEL

GERALD CASH PRIMARY SCHOOL

CRYSTAL GLINTON

4

CENTREVILLE

CENTREVILLE PRIMARY SCHOOL

THERESA BURROWS

5

ELIZABETH

THELMA GIBSON PRIMARY SCHOOL

GREGORY BUTLER

6

ENGLERSTON

R. M. BAILEY SENIOR HIGH SCHOOL

CALVIN BALFOUR

7

FORT CHARLOTTE

C. C. SWEETING SENIOR HIGH

MELONIE ZONICLE

1

BAINS TOWN & GRANTS TOWN

2

BAMBOO TOWN

3

SCHOOL SANDILANDS PRIMARY SCHOOL

LEILA GREENE

FREE TOWN

PALMDALE PRIMARY SCHOOL

SHERILYN WALLACE

GARDEN HILLS

S. C. MCPHERSON JUNIOR HIGH

CHRISTINA BROWN

8

FOX HILL

9 10

SCHOOL

11

GOLDEN GATES

SYBIL STRACHAN PRIMARY SCHOOL

ANDREW ALLAN STRACHAN

12

GOLDEN ISLES

ADELAIDE PRIMARY SCHOOL

WILLARD BARR

13

KILLARNEY

H.O. NASH JUNIOR HIGH SCHOOL

CARL SMITH

14

MARATHON

C. I. GIBSON SENIOR HIGH SCHOOL

ANTOINETTE THOMPSON

15

MOUNT MORIAH

GOVERNMENT HIGH SCHOOL

MICHAEL HUMES

16

NASSAU VILLAGE

BAHAMAS TECHNICAL AND

JUDY MCFALL

VOCATION INSTITUTE

17

CLEVELAND ENEAS PRIMARY

PINEWOOD

RENA GLINTON

SCHOOL THELMA GIBSON PRIMARY SCHOOL

CARLTON E. SMITH

UNIVERSITY OF THE BAHAMAS

ALBERT CLARKE

SADIE CURTIS PRIMARY SCHOOL

KAREN RIBGY

C. V. BETHEL SENIOR HIGH SCHOOL

HERBERT BROWN

SOUTHERN SHORES

ANATOL RODGERS HIGH SCHOOL

WILLIAM PRATT

23

TALL PINES

GARVIN TYNES PRIMARY SCHOOL

RAQUEL GREENE

24

YAMACRAW

THELMA GIBSON PRIMARY SCHOOL

PETER DEVEAUX-ISAACS

18

SAINT ANNE’S

19

SAINT BARNABAS

20

SEA BREEZE

21

SOUTH BEACH

22

CODE

CONSTITUENCY

LOCATION

RETURNING OFFICER

25

CENTRAL GRAND BAHAMA

ST. GEORGE’S HIGH SCHOOL

CHESTER COOPER

26

EAST GRAND BAHAMA

ADMINISTRATOR’S OFFICE, HIGH ROCK

27

MARCO CITY

JACK HAYWARD SENIOR HIGH SCHOOL

HARVEY ROBERTS

PRESTON CUNNINGHAM

28

PINERIDGE

FOSTER B. PESTAINA CENTRE

29

WEST GRAND BAHAMA & BIMINI

ADMINISTRATOR’S OFFICE, EIGHT MILE ROCK

20% fare rise to keep taxis ‘above water’

MARY COOPER

to where we can be above water.”

Glenys Hanna Martin, minister of transport and aviation, said in a statement that the Government has agreed to increases to new taxi zone rates; to the hourly taxi rates; and to related fees for taxi cab use, with effect from May 1.

She said the increases were approved following extensive consultation with the Taxi Union and the Ministry of Tourism. The existing rates have been in effect since November 2008.

“The public is advised further that in addition to the increases in the zone and hourly rates, it has also been determined that new taxi cab zones will be introduced in Fox Hill, South Beach and Pinewood Gardens, Marshall Road and Baillou Hill Road South, Carmichael Road and Golden Gates, Carmichael and Bacardi Roads, Carmichael and Gladstone Roads, and Carmichael Road and Faith Avenue,” the state-

ment said.

“These new zones were proposed by the Road Traffic Department to provide members of the public wishing to ride into those communities with advance details on costs prior to making the trip, as is now the case with the existing New Providence zones. As a consequence of the increases and new zone rates, the use of taxi cab meters will also cease, effective May 1, 2017.”

The rate increases, according to the statement, represent a 20 per cent increase in the zone rates for tourist areas, and a 10 per cent increase for non-tourist areas.

“The hourly rates have been increased by 17 per cent and 20 per cent for all areas, with passengers riding in larger vehicles being required to pay the higher rate,” the Government statement said.

“In this regard, the rate for taxis with a seating capacity for more than five passengers has been increased from $60 to $70,

Minister denies Customs broker link to Baha Mar From pg B1 customs brokers for Baha Mar Ltd, the other being Elite Logistics with Jude Smith.”

Other ex-Baha Mar employees confirmed Bahamas Cargo & Logistics’ role under condition of anonymity at the same time, with Tribune Business including this in a January 11, 2017, report.

However, Mr Fitzgerald yesterday denied any link between the company and Baha Mar, and said he would “have corrected you a long time ago” had he seen the reports.

“That’s not true. It wasn’t for Baha Mar; that’s why I said to check your facts,” he replied. “Baha Mar’s main Customs broker was a company out of Freeport recommended by MSC, who was the shipper.

“That’s why I know factually you and your employee are not correct. If you have contacts at MSC or Tropical they can confirm this.

That’s all I’m saying. You’re all are way off base. And factually in left field.”

Mr Fitzgerald’s assertion that it “wasn’t for Baha Mar” raises the possibility that Bahamas Cargo & Logistics may have been acting for someone else, such as China Construction America (CCA), in relation to the $4.2 billion project.

However, the Minister never clarified that in the e-mail exchange, adding: “There was only one broker that was authorised to pick up goods on behalf of Baha Mar; any other information is incorrect. There was never multiple brokers or truckers..... It was never ‘one of’ because there was always only one.”

Tribune Business sources, though, yesterday said Bahamas Cargo & Logistics was among Baha Mar’s creditors when the project filed for Chapter 11 bankruptcy protection in June 2015 under former developer, Sarkis Izmirlian.

Mr Fitzgerald, meanwhile, also dismissed the Punch article, which largely regurgitated information already in the public domain regarding himself and Allyson Maynard-Gibson, the attorney general.

“I don’t respond to foolishness or persons or entities not worthy of suing,” he blasted. “So they produced any of these contracts I supposedly benefited from?

Smt! (suck my teeth).

“They also said Baha Mar wasn’t going to open, the employees would not be paid, the contractors would not be paid and we wouldn’t find an owner/operator. Go figure!!”

Mr Fitzgerald and Mrs Maynard-Gibson both sat

while the rate for cabs with a capacity for five passengers or less has been increased from $45 to $55.

“The one half-an-hour wait time for taxis transporting more than five passengers has been increased from $30 to $35, and the half-hour wait time for vehicles with five or fewer passengers has been increased from $22.50 to $27.”

The Government has also agreed to taxi driver requests for increases in the per passenger rate beyond two passengers from $3 per person to $4 per person; to an increase from $2 to $3 for each additional piece of baggage beyond two pieces of luggage; and to an increase for the carriage of large duffle bags, golf bags, boxes and large suitcases from $1 per piece to $3 per piece. There will continue to be no fee levied by taxi drivers for children under three years of age.

Mr Watkins told Tribune Business that while some 1,135 taxi plates have been issued, roughly 300 are not regularly in the system, meaning that anywhere between 800-850 taxis are in the system on a regular basis between the airport, the Prince George Wharf and various taxi stands. on the Cabinet’s Baha Mar committee, and played key roles in negotiating the project’s remobilisation and revitalisation with China Export-Import Bank and China Construction America (CCA), plus prospective new owner, Chow Tai Fook Enterprises (CTFE).

The Education Minister yesterday told the TV cameras that he and his family “don’t have contracts.... zero, at Baha Mar”.

Mrs Maynard-Gibson, meanwhile, slammed claims that her family’s jewellery concessions at Baha Mar were franchises of a retail chain owned by CTFE’s principals, the Cheng family, as an “unmitigated, outrageous lie”.

She added: “It is a lie.

I am not benefiting from anything at all in relation to the negotiations that we worked so hard as a government for the Bahamian people in relation to the Baha Mar transaction.”

The Attorney General previously confirmed that her husband, Colombian Emeralds proprietor, Maxwell Gibson, held jewellery store leases at Baha Mar. That came four days after she said the leases were held by her daughters.

Mrs Maynard-Gibson rejected accusations then that this created a conflict of interest with her role as government negotiator over Baha Mar, adding that Prime Minister Perry Christie was aware of the matter.

BRENDA MAE COLEBROOKEBULLARD

30

CENTRAL & SOUTH ABACO

ADMINISTRATOR’S OFFICE, MARSH HARBOUR

31

NORTH ABACO

ADMINISTRATOR’S OFFICE, COOPER’S TOWN

CHARLES MOSS WHELMA COLEBROOKE

32

MANGROVE CAY & SOUTH ANDROS

ADMINISTRATOR’S OFFICE, FRESH CREEK

CLEOLA PINDER

33

NORTH ANDROS & BERRY ISLANDS

ADMINISTRATOR’S OFFICE, NICHOLL’S TOWN

IVAN FERGUSON

34

CAT ISLAND, RUM CAY & SAN SALVADOR

ADMINISTRATOR’S OFFICE, NEW BIGHT, CAT ISLAND

JACKSON MCINTOSH

35

CENTRAL & SOUTH ELEUTHERA

ADMINISTRATOR’S OFFICE, GOVERNOR'S HARBOUR

CHARLES KING

36

NORTH ELEUTHERA

ADMINISTRATOR’S OFFICE, HARBOUR ISLAND

ALEXANDER FLOWERS

37

THE EXUMAS & RAGGED ISLAND

ADMINISTRATOR’S OFFICE, GEORGE TOWN

NEIL CAMPBELL

38

LONG ISLAND

ADMINISTRATOR’S OFFICE, CLARENCE TOWN

TERRECE BOOTLEBETHEL

39

MAYAGUANA, INAGUA, CROOKED ISLAND, ACKLINS & LONG CAY

ADMINISTRATOR’S OFFICE, MATTHEW TOWN

LOUIS SAMUEL MILLER

Intending candidates are required to present the completed Nomination Forms along with the $400.00 dollars Election Deposit to the Returning Officer at the Nomination Station within the Constituency. If the election is contested, the Poll will be held on Wednesday, 10 May 2017, between the hours of 8:00am and 6:00pm.

Sherlyn W. Hall Parliamentary Commissioner 12 April 2017

Publish your

LEGAL NOTICES in The Tribune

Call 502-2394

YOUR

CHOICE FOR THE FAMILY @JOYFMBAHAMAS WWW.FACEBOOK.COM/JOYFM1019

PAGE 8, Wednesday, April 19, 2017

THE TRIBUNE

Johnson & Johnson, Goldman sneeze and stocks catch a cold NEW YORK (AP) — U.S. stocks fell Tuesday after weak first-quarter reports from Johnson & Johnson and Goldman Sachs frustrated investors who hope that company earnings are on the rise.

Health care companies lost the most.

Wall Street has high hopes for company earnings this spring, and weak results from the world’s largest health care products company and one of the biggest financial firms had them concerned. Johnson & Johnson took its biggest one-day loss in a year. Investors also looked for safety after the British government called for a surprise early election next month.

Bond prices and the pound

rose and European stock indexes tumbled.

Kate Warne, an investment strategist for Edward Jones, said Goldman Sachs and Johnson & Johnson had a dramatic effect on stocks because investors expect a very strong round of company earnings reports this month. According to S&P Global Markets Intelligence, investors expect first-quarter earnings for S&P 500 companies to rise almost 10 percent compared to last year. That would be the biggest jump since 2014.

“The reason it’s so important is that the stronger growth is likely to support higher stock prices even in the absence of pro-growth

policies from the Trump administration,” she said.

The Standard & Poor’s 500 index shed 6.82 points, or 0.3 percent, to 2,342.19.

The Dow Jones industrial average lost 113.64 points, or 0.6 percent, to 20,523.28. Goldman Sachs was responsible for most of that loss.

The Nasdaq composite fell 7.32 points, or 0.1 percent, to 5,849.47. The Russell 2000 index of smallcompany stocks recovered from an early loss and rose 0.71 points, close to 0.1 percent, to 1,361.89.

On Monday stocks made their biggest gain in six weeks. But over the last few weeks they’ve mostly drifted lower while bond yields have fallen to five-month lows.

lar ailments, diabetes, and primary care products.

The maker of Tylenol and Band-Aids lost $3.90, or 3.1 percent, to $121.82.

Prescription drug distributor Cardinal Health also dropped after it gave weak profit forecasts for this year and next as drug prices con-

On Monday stocks made their biggest gain in six weeks. But over the last few weeks they’ve mostly drifted lower while bond yields have fallen to five-month lows.

Johnson & Johnson stumbled after investors were disappointed with its sales.

Revenue from its biggestselling drug, the Crohn’s disease treatment Remicade, fell 6 percent. Meanwhile growth for many consumer health products slowed, and payers demanded bigger rebates on treatments for cardiovascu-

tinue to fall. It will also pay $6.1 billion to buy a group of businesses from medical device maker Medtronic.

Cardinal Health sank $9.44, or 11.5 percent, to $72.39.

Competitors AmerisourceBergen and McKesson each fell about 5 percent.

Goldman Sachs’ revenue fell short of investor projections in the first quarter

NOTICE

NOTICE is hereby given that FRANCISCO VALCIEN of

#55 London Ave., Carmichael Rd.,New Providence, Bahamas is applying to the Minister responsible for

Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 12th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

MARKET REPORT TUESDAY, 18 APRIL 2017

t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com

BISX ALL SHARE INDEX: CLOSE 1,890.54 | CHG -4.72 | %CHG -0.25 | YTD -47.67 | YTD% -2.46 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.56 4.70 0.12 7.20 8.50 6.10 10.60 15.27 2.72 1.60 6.00 10.00 11.00 9.30 6.90 12.01 11.00

52WK LOW 3.20 17.43 8.19 3.50 1.64 0.12 3.80 8.15 5.56 8.50 11.00 2.18 1.31 5.80 6.79 8.56 7.11 6.35 11.92 10.00

1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01

1.00 105.50 100.00 100.00 105.00 100.00 100.00 10.00 1.01

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00 100.00

52WK LOW 100.00 100.00 100.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB17 FBB18 FBB22

Bahamas Note 6.95 (2029) BGS: 2014-12-3Y BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS 52WK HI 2.05 3.92 1.95 169.70 141.76 1.47 1.67 1.57 1.10 6.96 8.50 6.30 9.94 11.21 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.41 1.61 1.52 1.03 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.50 8.50 6.00 10.48 11.86 2.25 1.55 6.00 9.75 9.00 9.25 6.90 12.01 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 107.62 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.50 8.50 6.00 10.48 11.50 2.25 1.55 6.00 9.75 9.00 9.25 6.90 12.01 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.36 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

107.68 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.06 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund

VOLUME

1,000

335

VOLUME

NAV 2.05 3.92 1.95 168.44 141.76 1.47 1.64 1.56 1.04 6.96 8.50 6.30 9.80 11.13 9.63

EPS$ 0.029 1.002 -0.144 0.170 -0.130 0.000 -0.030 0.607 0.430 0.450 0.110 0.102 0.080 0.300 0.520 0.960 0.820 0.294 0.610 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.490 0.060 0.060 0.240 0.400 0.000 0.330 0.140 0.640 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

P/E 151.0 15.8 N/M 20.8 N/M N/M -150.0 14.0 14.0 23.3 104.5 22.1 19.4 20.0 18.8 9.4 11.3 23.5 19.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%

INTEREST 7.00% 6.00% Prime + 1.75%

MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022

6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 0.84% 4.46% 0.01% 3.70% 0.37% 2.61% 3.95% 3.95% 6.77% 6.77% 0.40% 4.04% -1.76% 1.06% -0.34% 2.70% -0.95% 1.55% 4.35% 4.69% 4.13% 4.28% 4.22% 4.64% 6.19% 3.43% 2.77% 2.98% -3.66% -3.90%

NAV Date 28-Feb-2017 28-Feb-2017 24-Feb-2017 31-Dec-2016 31-Dec-2016 31-Jan-2017 31-Jan-2017 31-Jan-2017 31-Jan-2017 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016

MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

YIELD 1.83% 6.31% 0.00% 5.93% 0.00% 0.00% 2.00% 3.53% 3.67% 3.44% 4.26% 2.67% 3.87% 4.00% 4.10% 0.00% 3.57% 2.03% 5.33% 0.00%

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

as its highly-regarded trading desks didn’t perform as well as their competitors.

The stock gave up $10.6, or 4.7 percent, to $215.59, its biggest loss since June.

The stock reached all-time highs above $250 a share in March.

British Prime Minister Theresa May reversed her position by calling for an early general election in June. May formally triggered Britain’s exit from the European Union last month and she intends to seek a stronger parliamentary mandate. The pound climbed after May’s announcement on the hope that the election will result in May getting a better deal for Britain in its talks with the EU. It rose to $1.2848 from $1.2563.

European stocks fell, as the vote creates even more political uncertainty in Europe days before the first round of French presidential voting. Polls don’t

American flags fly in front of the New York Stock Exchange.

Yesterday world stocks fell amid concerns about the security situation on the Korean Peninsula, France’s upcoming presidential election, and Britain’s surprise decision to hold a general election. (AP Photo) give a clear edge to any of the four leading candidates ahead of Sunday’s vote. The top two will advance to a May 7 runoff and investors are unsettled by the chance that either of the far-left or far-right candidates could pull off a victory. Britain’s FTSE 100 dropped 2.5 percent and France’s CAC 40 lost 1.6 percent. In Germany the DAX shed 0.9 percent.

As investors snapped up government bonds, their prices jumped. The yield on the 10-year Treasury note fell to 2.18 percent, its lowest since Nov. 11. It finished at 2.25 percent Monday.

NOTICE

NOTICE is hereby given that MARVINCE JEANLOUIS of #3 Fox Hill, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 19th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that OLVI LOUIS of Jubliee Gardens, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 19th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that CRYSTAL ALICIA SWEETING of Infant View Rd., Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 12th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that KENTON MICHAEL DEAN of Ambrister Street, Fox Hill, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 12th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, DAYSHA DAVEANA LEES of Fox Hill, New Providence, Bahamas intend to change my name to DAYSHA DAVEANA DARLING. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that GLORI KNOWLES of

Grace Avenue, P.O.Box AB-20446, Abaco, Bahamas

is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 12th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Wednesday, April 19, 2017, PAGE 9

White House cancels meeting to decide stance on climate pact WASHINGTON (AP) — President Donald Trump is still deliberating whether to keep the U.S. in an international agreement to reduce climate-warming carbon emissions, even though he has called climate change a hoax.

The White House postponed a meeting Tuesday where top aides were to have hashed out differences on what to do about the non-binding international deal forged in Paris in December 2015. The agreement allowed rich and poor countries to set their own goals to reduce carbon dioxide and went into effect last November, after the U.S., China and other countries ratified it.

Not all of Trump’s advisers share his skeptical views on climate change — or the Paris pact.

Secretary of State Rex Tillerson said at his Senate confirmation hearing in January that he supports staying in the deal. However, Environmental Protection Agency Administrator Scott Pruitt, said last week that the Paris pact “is a bad deal for America.”

Officials had planned to

discuss options on Tuesday, with the goal of providing a recommendation to Trump, according to an administration official who spoke on condition of anonymity despite the president’s criticism of the use of anonymous sources.

Spokeswoman Sarah Huckabee Sanders blamed the postponement of the meeting on scheduling conflicts among advisers who were expected to attend.

Some of them, she said, wanted to accompany the president on his trip to Wisconsin on Tuesday, and the White House decided to reschedule its internal climate talks.

Trump pledged during the presidential campaign to pull out of the Paris accord, but has wavered on the issue since he won the presidency.

He told the editorial board of The New York Times in an interview last year that he was “looking at it very closely.... I have an open mind to it. We’re going to look very carefully.”

Yet some of his aides, including Pruitt, see the deal as standing in opposition to Trump’s “America first” mantra.

“Paris is something that we need to really look at closely, because it’s something we need to exit, in my opinion,” Pruitt said in an interview last week with Fox News Channel’s “Fox & Friends.” ‘’It’s a bad deal for America. It was an America second, third or

“Paris is something that we need to really look at closely, because it’s something we need to exit, in my opinion” fourth kind of approach.”

Under the agreement, the U.S. pledged to reduce its annual greenhouse gas emissions in 2025 by 26 to 28 percent below 2005 levels, which would be a reduction of about 1.6 billion tons of annual emissions. Besides continuing Obama’s efforts to reduce U.S. heattrapping gases, Trump has two general options.

One option is to pull the United States out of the non-binding agreement, which Obama enacted without U.S. Senate ratification.

It typically takes countries four years to pull out of new international treaties, but because Obama enacted

Yesterday President Donald Trump walks up the steps of Air Force One at General Mitchell International Airport in Milwaukee. Trump went to Kenosha, Wis., to visit the headquarters of tool manufacturer Snap-on Inc., and sign an executive order that seeks to make changes to a visa program that brings in high-skilled workers. (AP Photo)

British pound jumps higher after election is called LONDON (AP) — The British currency has jumped to its highest level in half a year on the news that the country will hold an election that’s likely to strengthen the government’s mandate in its Brexit talks.

The pound’s rise suggests investors believe Prime Minister Theresa May will win a comfortable enough majority in the House of Commons. That could help her resist pressure from fringe members of her own party who want Britain to break away from the European Union abruptly and forcefully — even if it means more pain for business.

The pound surged 1.6 percent on the day to $1.2763,

the highest in six months.

And experts say more volatility is likely ahead of the June 8 vote.

“No one was expecting this,” said Luke Bartholomew, investment manager at Aberdeen Asset Management. “It will take investors some time to digest the effects of the election in the next few days.”

Despite the pound’s rise, it remains 15 percent below the level it was trading at before the country voted in June to leave the EU. The weaker pound has pushed up inflation for the British, as it makes imports more expensive. It has also made British companies more attractive takeover targets for foreign companies. Japan’s SoftBank took

the accord as part of the 1992 Rio de Janeiro treaty, Trump could pull out of the older, broader treaty in one year.

Another option is to do nothing. Trump could publicly badmouth the treaty, but not formally withdraw from it. If the U.S. stays part

over software company Arm Holdings just a couple weeks after the Brexit vote.

More recently, consumer goods giant Unilever has rebuffed a $143 billion approach by Kraft Heinz.

The currency’s rise and fall have also caused huge volatility in the country’s main stock index, the FTSE 100. The index is dominated by companies that earn money outside Britain, so the pound’s fall has been a boon for them, as money repatriated is inflated in value. That’s why the FTSE 100 has hit record highs since the Brexit vote.

But on Tuesday, the pound’s rise caused the index to dive 2.5 percent, the biggest daily drop since the day after the Brexit vote.

of the agreement, which 125 nations or groups of nations have already ratified, and fails to reach its goal, technically nothing happens.

There is no climate court, no enforcement action.

And because the agreement already went into force, nothing the United States does— even pulling out — can nullify the accord. It is in effect.

Nonetheless, a withdrawal or public announcement that the U.S. is abandoning its efforts to fight man-made climate change could spark repercussions individually from other nations, said Nigel Purvis, who was the top U.S. State Department environmental diplomat when George W. Bush pulled out of the 1997 Kyoto climate treaty.

“Any sign that the administration would not be serious will provoke an international reaction that would undermine the administration’s foreign

policy,” said Purvis, an international attorney who served in Democratic and Republican administrations. Other countries, he said, take climate change seriously and could retaliate in trade deals or tariffs or balk on negotiations over international security costs.

Trump has already reversed some of the former president’s efforts to scale back carbon emissions to try to halt climate change, including restrictions on coal plants and drilling.

White House spokesman Sean Spicer has said Trump will make up his mind on the Paris agreement before a summit of the Group of Seven leading industrial nations in Taormina, Italy in late May.